I’m Behind on My Mortgage! Can a Cash Buying Company Help?

chofhine • July 8, 2022
I’m Behind on My Mortgage! Can a Cash Buying Company Help?

Losing a job, high medical bills, and divorce—these are just a few of the many reasons homeowners may fall behind on their mortgage payments. If you can’t catch up, your mortgage lender may foreclose. But, selling to a cash buying company can help you out of your jam.

Facing Foreclosure

If you’ve missed some mortgage payments, your mortgage lender will send you a notice of default. That’s an official notification that if you don’t pay what you owe, they will start foreclosure proceedings. In foreclosure, the financial institution will take possession of your home and kick you out.

The consequences of foreclosure can follow you for years. Your credit score will plummet, and you will have great difficulty getting any kind of loan for as much as three to seven years. If you can get a loan, you’ll have to pay high-interest rates.

The “Short Sale”

You should discuss your options with your lender. A common remedy is called the short sale. In a short sale, you put your house up for sale, and the lender will agree to accept whatever price you receive on the sale, even if it’s less than what you owe. This lets you walk away with your credit score intact.

However, there are time limitations. You typically will get only 120 days to settle your debt. It could take weeks for your lender to approve a short sale, and then you may not have much time left to sell your house on the market.

Selling to a Home Buying Company

Selling to a home buying company is a viable alternative to listing your home for sale on the open market. Compared to a traditional sale, selling to a home buying company is much faster. You can receive an offer within 24 hours and sometimes close within a week.

It’s also less hassle. When selling to a cash buying company, you don’t have to make any repairs or clean up the house. There’s no commission deducted from your sales price, either.

As soon as you realize you’re having financial problems, contact your lender and learn your options. Ask about selling to a cash home buyer. It may be the fastest way to avoid foreclosure. 

Need to sell your Utah home to avoid foreclosure? Click to see how a cash buying company compares to a traditional sale.

Buying and Selling A Home in South Jordan, UT

By Bateman Team • February 11, 2025
The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.
real estate tips

Navigating Real Estate as a Modern Nomad: Tips and Trends

August 21, 2024
The lifestyle of a modern nomad involves frequent movement, which presents unique challenges and opportunities in managing real estate. Whether it’s deciding when to sell, rent, or maintain properties, nomads need to navigate these decisions with care and strategic foresight. This guide explores the dynamics of handling real estate for those who rarely stay rooted in one place, offering insights into making the most of properties while on the move.
family in front of for sale sign

Navigating Financial Stability Through Property in Life's Transitions

August 14, 2024
Life's transitions, whether planned or unexpected, can significantly impact one's financial stability. The management of property assets during these phases is crucial, as it can either ensure a soft landing during turbulent times or enhance financial growth during positive changes. This guide explores effective strategies for leveraging real estate equity, adjusting to changes in income, and optimizing cash flow through property sales, providing a comprehensive approach to managing property for financial resilience.
Selling Inherited Properties

The Essential Guide to Selling Inherited Properties Efficiently

August 7, 2024
Navigating the process of selling an inherited property can be a daunting challenge, often compounded by the emotional distress of losing a loved one. This guide aims to simplify this process, providing clear steps and considerations for those tasked with handling what often is a substantial aspect of an estate. From understanding legal and tax obligations to exploring the merits of different selling strategies, such as opting for a cash sale, this guide covers the essential elements needed to navigate the sale of an inherited home effectively.
Downsizing Your Home

Downsizing Your Home: A Practical Guide to Simplify Your Space

July 28, 2024
Embracing the concept of living with less, many are finding that downsizing their home is not only a step toward a simpler lifestyle but often a financially and emotionally beneficial decision. The journey toward downsizing involves substantial preparation, an honest assessment of needs versus wants, and a strategic approach to reorganizing life within a more confined space. This guide serves as a roadmap for those embarking on this transformative path, providing practical advice on how to effectively declutter, prioritize belongings, and adjust to a more compact environment. Furthermore, it highlights how opting to sell a larger home for cash can expedite this life transition and simplify the process considerably.
Home Sales

Navigating Home Sales During Major Life Transitions

July 21, 2024
Major life transitions often bring about the need to sell a home, an event that can be as emotionally challenging as it is financially and logistically complex. Whether due to marriage, divorce, or retirement, the sale of a home during such times requires a delicate balance between managing the emotional impact and attending to the practicalities of the real estate market. Tacking this multifaceted situation necessitates careful planning, support, and the ability to make informed decisions that align with future goals and current needs.
Navigating Cash Sales in Real Estate

Navigating Cash Sales in Real Estate: A Seller's Guide

July 14, 2024
With a focus on simplicity and accessibility, it aims to demystify the art of gardening, making it enjoyable and rewarding for everyone. Whether you have a spacious backyard or just a few pots on a balcony, this guide equips you with the knowledge and confidence to cultivate thriving plants and create beautiful outdoor spaces. Through clear explanations and step-by-step instructions, readers will discover how to select the right plants for their environment, nurture them through proper watering and feeding, and address common issues such as pests and diseases. From choosing soil types to understanding sunlight requirements. With its user-friendly approach, it empowers individuals to connect with nature, experience the joy of growing their plants, and create lush green havens wherever they may be.
Repair Costs to Cash Offers

From Repair Costs to Cash Offers: Navigating Damaged Property Sales

July 7, 2024
Homeowners find themselves in a variety of circumstances that lead them to sell their properties. When a house requires extensive repairs, the prospect of selling can seem daunting. Traditional sale methods typically involve significant investments of time, money, and effort into renovations to make a home marketable. However, a cash sale represents a compelling alternative path for property owners. It circumvents the challenges associated with repairing a damaged property, offering a pathway to a quick and straightforward sale.
Sell Your House Fast

How to Sell Your House Fast in Life's Tough Moments

June 28, 2024
Selling a house typically involves a complex interplay of market factors, negotiations, and considerable time. However, life can thrust unexpected scenarios upon individuals where the usual timeframe for selling a home is a luxury they cannot afford. Whether due to sudden relocations, divorce settlements, or pressing financial obligations, the quick sale of a property is often desired. In such instances, strategies for expediting the sale process, such as cash transactions, can become invaluable.
Benefits of Cash Offers

Selling Your Home Stress-Free: The Benefits of Cash Offers

June 21, 2024
The prospect of selling a home introduces a complex blend of emotions, from the excitement of moving forward to the anxiety associated with the sales process. Securing a cash offer for a property can temper these emotional highs and lows, presenting an avenue for a more serene and efficient transaction. Beyond the obvious financial advantages, accepting a cash offer can alleviate many stress-inducing factors inherent in traditional home selling. This guide presents the emotional benefits of cash transactions, highlighting the peace of mind they can provide for sellers eager for a straightforward and predictable path to closing.
More Posts
Share by: